Broadcom (NASDAQ:AVGO)‘s stock had its “buy” rating reissued by analysts at Rosenblatt Securities in a research note issued on Sunday.
The analysts wrote, “We rate AVGO Buy and reiterate our $340 price target into the January quarter print on March 15th which we expect to be in-line. CFIUS involvement and the political climate in Washington do not bode well for the Qualcomm (QCOM: Neutral) deal but Broadcom wins regardless. Recall management last quarter raised long-term non-GAAP gross margin, operating margin, and FCF targets to 65%, 47.5%, and 40%, up from 60%, 45% and 35% respectively. Broadcom Ltd. (AVGO) Price Chart– 1 Yr Chart Source: Trading View Company Summary: Broadcom Limited designs, develops, and supplies semiconductors and integrated circuits. The Company offers products such as broadband carrier access, cables, switches, network processors, and wireless connectors. Broadcom markets its products around the world.””
Other equities analysts also recently issued reports about the company. Vetr raised Broadcom from a “hold” rating to a “buy” rating and set a $269.37 target price on the stock in a research report on Thursday, January 25th. B. Riley reissued a “buy” rating and issued a $315.00 target price on shares of Broadcom in a research report on Monday, November 20th. Susquehanna Bancshares upped their target price on Broadcom from $300.00 to $325.00 and gave the company a “positive” rating in a research report on Wednesday, December 6th. Zacks Investment Research downgraded Broadcom from a “buy” rating to a “hold” rating in a research report on Wednesday, February 7th. Finally, Mizuho upped their target price on Broadcom from $290.00 to $310.00 and gave the company a “buy” rating in a research report on Thursday, December 7th. Three investment analysts have rated the stock with a hold rating, thirty-two have given a buy rating and one has assigned a strong buy rating to the company’s stock. Broadcom presently has an average rating of “Buy” and a consensus price target of $305.81.
Broadcom (NASDAQ:AVGO) last released its earnings results on Wednesday, December 6th. The semiconductor manufacturer reported $4.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.52 by $0.07. Broadcom had a return on equity of 28.64% and a net margin of 10.18%. The firm had revenue of $4.84 billion for the quarter, compared to the consensus estimate of $4.84 billion. During the same period in the prior year, the firm earned $3.47 EPS. The firm’s revenue was up 17.1% on a year-over-year basis. research analysts predict that Broadcom will post 17.41 earnings per share for the current year.
In other news, SVP Charlie B. Kawwas sold 997 shares of the firm’s stock in a transaction dated Friday, March 2nd. The stock was sold at an average price of $243.88, for a total transaction of $243,148.36. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Kirsten M. Spears sold 199 shares of the firm’s stock in a transaction dated Friday, March 2nd. The shares were sold at an average price of $243.88, for a total value of $48,532.12. The disclosure for this sale can be found here. Insiders have sold a total of 84,481 shares of company stock worth $21,805,795 over the last 90 days. Insiders own 3.32% of the company’s stock.
A number of institutional investors have recently modified their holdings of the stock. BKD Wealth Advisors LLC lifted its stake in Broadcom by 8.7% in the 4th quarter. BKD Wealth Advisors LLC now owns 2,399 shares of the semiconductor manufacturer’s stock valued at $616,000 after buying an additional 193 shares in the last quarter. Cetera Advisor Networks LLC lifted its stake in Broadcom by 14.4% in the 3rd quarter. Cetera Advisor Networks LLC now owns 1,541 shares of the semiconductor manufacturer’s stock valued at $373,000 after buying an additional 194 shares in the last quarter. Palladium Partners LLC lifted its stake in Broadcom by 6.8% in the 3rd quarter. Palladium Partners LLC now owns 3,141 shares of the semiconductor manufacturer’s stock valued at $762,000 after buying an additional 200 shares in the last quarter. HM Payson & Co. lifted its stake in Broadcom by 6.5% in the 4th quarter. HM Payson & Co. now owns 3,273 shares of the semiconductor manufacturer’s stock valued at $841,000 after buying an additional 200 shares in the last quarter. Finally, Kistler Tiffany Companies LLC lifted its stake in Broadcom by 25.0% in the 4th quarter. Kistler Tiffany Companies LLC now owns 1,040 shares of the semiconductor manufacturer’s stock valued at $267,000 after buying an additional 208 shares in the last quarter. 88.67% of the stock is currently owned by hedge funds and other institutional investors.
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Broadcom Limited is a designer, developer and global supplier of a range of semiconductor devices with a focus on digital and mixed signal complementary metal oxide semiconductor (CMOS)-based devices and analog III-V based products. The Company operates through four segments: Wired Infrastructure, Wireless Communications, Enterprise Storage, and Industrial & Other.
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